The Bitcoin price is correcting losses from the $26,000 area against the US dollar.
The price is currently near $27,000 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $27,250 on the 4-hour chart of the BTC/USD pair (data from Coinbase).
The pair could start a fresh increase if it clears the $27,250 resistance zone.
Bitcoin price is rising from $26,000 against the US dollar. BTC might rise again if the bulls remain active above the $26,250 area.
Bitcoin Price Analysis
Bitcoin price started a downside break below the $28,000 support zone. It broke clear support levels at $27,500 and $27,200. The pair even tested the $26,000 support zone.
Its trading price dropped to as low as $25,810 and recently started a fresh increase. It broke the resistance level at $26,500. The price will rise once it clears the 23.6% Fibonacci retracement level from the swing high of $29,850 to the low at $25,810.
The Bitcoin price is now near $27,000 and 55 simple moving averages (4 hours). The direct resistance on the upside is near $27,200. There is also a major bearish trend line forming on the 4-hour chart of the BTC/USD pair, with resistance near $27,250.
The next major resistance might be near the $27,850 area or the 50% Fibonacci retracement level from the swing high of $29,850 to the low at $25,810.
Clearly above the trendline and $27,850 could push the price towards $28,500, and above this, it could rise to the $29,200 level. Any further gains might push the price towards the $30,000 area. If there's no upside break, the price could start a fresh decline below the $26,750 level.
The first major support is near $27,250. The next key support is near $27,000, below which the price might accelerate lower. In the stated case, the price might drop to the $26,000 level.
Looking at the chart, Bitcoin's price is trading near $27,000 and the 55 simple moving averages (4 hours). Overall, the price might start a fresh increase if it clears the $27,250 resistance zone.
Technical Indicators
4-hour MACD - The MACD is now gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) - The RSI is now above the 50 level.
Key Support Levels - $26,750 and $27,000.
Key Resistance Levels - $27,250, $27,850 and $28,500.
